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DocuSign Envelope ID: D1 D7BO29-ODBD-4276-9A2E-BOA56F6EO688 <br />Section 11 of the Ohio Constitution; provided, however, that in each year to the extent that funds are available <br />from other sources and are lawfully appropriated for the payment of the Bonds, the amount of the Debt Service <br />Levy shall be reduced by the amount of such funds so available and appropriated. <br />The Debt Service Levy shall be and is hereby ordered computed, certified, levied and extended upon <br />the tax duplicate and collected by the same officers, in the same manner, and at the same time that taxes for <br />general purposes for each of such years are certified, extended and collected. The Debt Service Levy shall be <br />placed before and in preference to all other items and for the full amount thereof. The funds derived from the <br />Debt Service Levy shall be placed in a separate and distinct fund, which shall be irrevocably pledged for the <br />payment of the interest and principal of the Bonds when and as the same falls due. <br />Section 10. Income Tax Pledge. The City hereby covenants, pursuant to Section 133.05(B)(7), <br />Ohio Revised Code, to appropriate annually from lawfully available municipal income taxes, and to continue <br />to levy and collect municipal income taxes adequate to produce, amounts necessary to meet the debt charges <br />on the Bonds in each year until full payment is made. <br />Section 11. Sale of the Bonds. The Bonds shall be sold at private sale to KeyBanc Capital <br />Markets Inc., Cleveland, Ohio or such other purchaser designated in the Certificate of Fiscal Officer (the <br />"Original Purchaser"), at the purchase price set forth in the Certificate of Fiscal Officer, plus interest accrued <br />to the date of delivery of the Bonds to the Original Purchaser. The Director of Finance and the Mayor of the <br />City, or either of them individually, are authorized and directed to execute on behalf of the City a Bond <br />Purchase Agreement with the Original Purchaser, setting forth the conditions under which the Bonds are to <br />be sold and delivered, which Bond Purchase Agreement shall be in such form, not inconsistent with this <br />Ordinance, as the Director of Finance shall determine. <br />Any accrued interest received from the sale of the Bonds shall be transferred to the bond retirement <br />fund to be applied to the payment of the principal of and interest on the Bonds, or other obligations of the <br />City, as permitted by law. Any premium received from the sale of the Bonds may be used to pay the financing <br />costs of the Bonds within the meaning of Ohio Revised Code Section 133.01(K) or be deposited into the bond <br />retirement fund in the manner provided by law. <br />Section 12. Federal Tax Law Compliance. The Director of Finance may determine to issue all <br />or any series or portion of the Bonds as obligations that the interest thereon is excluded from the bondholders' <br />gross income for federal income tax purposes, and the following provisions of this Section shall apply to such <br />Bonds (or series or portions thereof): <br />The City hereby covenants that it shall comply with the requirements of all existing and future laws <br />which must be satisfied in order that interest on the Bonds is and will continue to be excluded from gross <br />income for federal income tax purposes, including without limitation restrictions on the use of the property <br />financed with the proceeds of the Bonds so that the Bonds will not constitute "private activity bonds" within <br />the meaning of Section 141 of the Internal Revenue Code of 1986, as amended (the "Code"). The City further <br />covenants that it shall restrict the use of the proceeds of the Bonds in such manner and to such extent, if any, <br />as may be necessary, after taking into account reasonable expectations at the time the Bonds are issued, so <br />that they will not constitute arbitrage bonds under Section 148 of the Code and the regulations prescribed <br />thereunder (the "Regulations"). <br />The Director of Finance, or any other officer, including the Mayor, is hereby authorized and directed <br />(a) to make or effect any election, selection, designation, choice, consent, approval or waiver on behalf of the <br />City with respect to the Bonds as permitted or required to be made or given under the federal income tax laws, <br />for the purpose of assuring, enhancing or protecting favorable tax treatment or the status of the Bonds or <br />interest thereon or assisting compliance with requirements for that purpose, reducing the burden or expense <br />190017990 R <br />